VSNL completes acquisition of Tyco

Videsh Sanchar Nigam (VSNL) today announced the completion of the acquisition of Tyco Global Network (TGN) - a state-of-the-art undersea cable network that spans 60,000 kms (37,280 miles) and the continents of North America, Europe and Asia.

"The acquisition is another positive step in our ongoing drive to offer global connectivity and efficient communications solutions for our customers," N Srinath, head of operations of VSNL, said in  a release issued to the BSE today.

VSNL had acquired the network for $130 million (not including the assumption of certain liabilities).

"The agreement confirms our position as a leading global service provider. It also positions the Tata Group as a leading entity that can provide seamless telecommunications and IT services under a single umbrella for global enterprises," Srinath said.

The management responsibility of TGN will be assigned to VSNL International, which is rapidly increasing its global footprint with offices in Virginia, New Jersey, London, Paris, Madrid, Amsterdam, Frankfurt, Singapore and Tokyo.

"The agreement culminates an eight-month process that included approval from the regulatory bodies in the United States and other countries," the release said.